Most of my acquaintances who were builders, and owned construction companies have laid off all their employees, closed their companies, and many had filed bankruptcy - and that was back in the beginning of 2010. Go ahead and look in the phone book now, the bankruptcy lawyers who specialize in foreclosures are the ones with the full page ads in the Yellow pages now!
Not long ago, I was discussing all this with an acquaintance of mine over coffee as he was previously in the trade specializing on underground infrastructure for large projects - sewer, power lines, storm drain systems, all pre-foundation stuff, and he worked with the graders, architects, planning commission, and the supplies of pipes, cables, lines, and ditch digging equipment sellers. He's one of the best in the business in Southern California known far and wide in the industry.
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Unfortunately, he's traveling a lot further these days, and admits it's sporadic, not a lot of new construction going on these days around here. Of course, many states are the same. A recent article title in the Wall Street Journal kind of tells it all "Construction in New York? Skip It. With Market Still troubled, Big Apple Office Builders Sit on Their Hands," the piece was published on October 27, 2010 and written by A.D. Pruitt.
There was another article not too long ago on the new housing starts - that's all but faded with all the foreclosures on the market now. 50-60% of all home sales today are REOs, short sales in distress, or foreclosures. Please read; "Green Shoots for Housing Mowed Down," by David Reilly written on October 25, 2010.
Well, I mean it's basically a war zone out there, and anyone in the construction trade "ain't going back to work anytime soon" said another acquaintance at Starbucks the other day. Even the illegal immigrants who were busy during the last housing boom have gone back to risk their lives in Drug Warzone Mexico because they cannot find work.
If you want to learn more about the residential housing market, why not peruse some of the blogs on the famous Real Estate Social Network; ActiveRain.com - and you will see even the best in the business find things a bit challenging, no they aren't quitters, they are not giving up, but if you want to get a pulse of where we are today in the construction and real estate sector, check that site out first. Please think on all this.
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